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Downtrend ResistanceArchive
- 8/30/2024 -
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Chevron Corp. (CVX) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was a third positive week after 3 consecutive negative weeks for the Chevron Corp. (CVX). During the week, the CVX climbed 0.33 points, or 0.22%, and closed at 147.95 on Friday, August 30, 2024. Weekly volume was -38% below average.
CVX is a member of Energy Sector. Energy is the most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See CVX long-term trend chart]
A long-term downtrend had started on November 14, 2022 at 189.68 and reached 139.62 on January 18, 2024. CVX lost 50.06 points, or 26.39%, in 61 weeks. The price is now at the 16.64% retracement level.
 Medium-term trend: [See CVX medium-term trend chart]
A medium-term downtrend had started on April 29, 2024 at 167.11 and reached 139.69 on August 12, 2024. CVX lost 27.42 points, or 16.41%, in 15 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 135.18 and resistance is at 162.68. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See CVX weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since June 7, 2024. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
 Short-term trend: [See CVX short-term trend chart]
A short-term uptrend had started on August 12, 2024 at 139.69 and reached 150.09 on August 26, 2024. CVX gained -10.40 points, or -7.45%, in 14 days. The price is now at the 20.58% retracement level.
Daily Technical Indicators: [See CVX daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since August 20, 2024. This is an indication that the short-term trend is up.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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